According to Odaily Planet Daily, the Monetary Authority of Singapore (MAS) stated in a document on May 30 that cryptocurrency projects, even if they issue tokens through offshore entities, must obtain a DTSP license if their core team conducts business in Singapore. MAS indicated that this type of operating model may pose money laundering or reputational risks to Singapore, thus it is subject to the same compliance regulatory requirements. The relevant regulations will come into effect on June 30, 2025, and MAS will not provide a transition period. Entities providing DT services without a license will be considered illegal.